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To preserve, create and maintain a sustainable, economically competitive, and equitable bi-state region.
The proposed Court Square Center project contemplates the renovation and substantial rehabilitation of the roughly 120,000 square foot historic Court Square building. The Court Square project in Springfield, MA is a rare opportunity to have a significant and lasting impact on Court Square, one of the most historic and significant civic spaces in Western Massachusetts. The impact of the successful redevelopment of Court Square will be felt throughout downtown Springfield and the region and set the stage for further redevelopment of historic buildings and new construction. The Springfield Redevelopment Authority currently owns the project property and is working with city development partners National Development Council on finalizing a project program. The project is envisioned as a mixed use concept, focused entirely on the redevelopment of the historic 13-31 Elm Street property. The property has been vacant for approximately 20 years and is on Springfield’s main green in the heart of downtown, is only blocks from the Knowledge Corridor high speed rail station, and is in the Court Square District, which is listed on the National Register of Historic Places.
This redevelopment project will achieve the following goals:
The Court Square Center project will be financed through a combination of Recovery Zone Economic Development Bonds, Tax-Exempt Bonds, New Markets Tax Credits, Federal Historic Rehabilitation Tax Credits, HUD Section 108 Loan Guarantee Debt, as well as through a grant contribution from the City of Springfield. The THUD grant will be used to fund additional preliminary design activities including engineering, environmental testing, and geotechnical engineering. THUD grant monies will enable the design team to move to 20 percent architectural drawings, which is a necessary precondition for receiving commitments of Federal Historic Tax Credit equity, New Markets Tax Credit equity, and other financing commitments to the project.
Project tasks will include:
Regional Planning Organizations
Municipalities on Consortium
Other Community Partners
Advisory State Agencies